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2024-08-31-accounts

The Sisters of Notre Dame De Namur

Annual Report and Accounts representing the:

Institute of the Sisters of Notre Dame De Namur British Province

31 August 2024

Charity Registration Number 232411 (England and Wales) SC038746 (Scotland)

Contents

Reports

Reports
Reference and administrative information 1
Trustees’ report 3
Independent auditor’s report 22
Accounts
Statement of financial activities 27
Balance sheet 28
Statement of cash flows 29
Principal accounting policies 31
Notes to the accounts 38

Institute of the Sisters of Notre Dame De Namur British Province

Reference and administrative information 31 August 2024

Trustees The Notre Dame Trustee Co Limited
Sister Mary McClure (retired 15 August 2024)
Sister Catherine Darby
Sister Margaret Walsh
Sister Elizabeth Brady
Sister Gail Taylor (appointed 15 August 2024)
Directors of The Notre Dame Trustee Co Sister Catherine Darby
Limited Sister Margaret Walsh
Sister Elizabeth Brady
Sister Gail Taylor
Provincial Moderator Sister Catherine Darby
Provincial office The Provincialate
266 Woolton Road
Liverpool
L16 8NF
Telephone 0151 665 0600
Website www.snduk.org
E-mail ukprov@sndden.org
Charity registration numbers 232411 (England and Wales)
SC038746 (Scotland)
Auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Principal bankers Barclays Bank plc
Cumbria and Lancashire Business Banking
Barclays
Leicester
LE87 2BB
Stockbrokers J M Finn & Co Limited
25 Copthall Avenue
London
EC2R 7AH

Institute of the Sisters of Notre Dame De Namur British Province 1

Reference and administrative information 31 August 2024

Solicitors Brabners LLP Horton House Exchange Flags Liverpool L2 3YL McSparran McCormick Waterloo Chambers 19 Waterloo Street Glasgow G2 6AH Property advisers and agents Carter Jonas The White House Greenhalls Avenue Warrington WA4 6HL Property marketing agents CBRE Limited One St Peter’s Square Manchester M2 3DE

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Trustees’ report 31 August 2024

The trustees present their report together with the accounts of the Institute of the Sisters of Notre Dame De Namur British Province (the “charity”) for the year ended 31 August 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 31 to 37 of the attached accounts and comply with the charity’s trust deed, applicable laws and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Introduction

The Institute of the Sisters of Notre Dame De Namur (the “Congregation”) is an international Roman Catholic religious congregation supporting 887 sisters worldwide. It was founded in 1804 in Amiens, France. Its Generalate is located in Rome.

The Congregation is organised into units called Provinces. A Province is a legal body and is usually defined geographically to facilitate the mission of the Congregation in national and local areas. Each Province has its own structure of governance which makes provision for a Provincial Superior, known in Great Britain as the Provincial Moderator, who together with a Provincial Leadership Team takes responsibility for the leadership and administration of the British Province.

The accounts accompanying this report are the accounts of the charitable trust on which the assets of the Congregation in Great Britain are held.

Mission

The Sisters of Notre Dame De Namur are a group of religious women whose main aim is to contribute to the advancement of the Roman Catholic religion by means of involvement in education, broadly conceived. By caring for individual members of the Congregation throughout their lives with the Congregation, the charity aims to enable and support the sisters to live out their faith and to live life to the full supported by the community of Sisters and to put that faith into practice through a wide variety of religious and other charitable works.

When setting the objectives and planning the work of the charity for the year, and when encouraging the work of individual sisters, the trustees have given careful consideration to the Charity Commission’s guidance on public benefit.

At their last General Chapter, the sisters repeated their commitment to create a more just and loving world, continuing to choose Gospel imperatives as a way of life that “calls us to recommit to actions that lead to transformation within ourselves, society, Church and our Notre Dame Congregation”. The sisters are committed to fulfilling their mission by ministering to the whole of creation, to our world and to one another. Every six years the Congregation reviews its life-in-mission, sets new directions, make policies and necessary changes to existing legislation in response to changing times.

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Mission (continued)

The General Chapter is the highest authority in the Congregation of the Sisters of Notre Dame de Namur. Every Province in the Congregation is represented. Our most recent General Chapter was postponed for a year because of Covid restrictions. It took place on Zoom from October to December 2021. By the end of December 2021 a new Congregational Leadership Team had been elected and a way forward for the Congregation agreed.

Every General Chapter has a theme or focus. The 2021 Chapter was entitled “Renew – Transform – Go”. The gathering of sisters from across five continents is a ‘sacred’ opportunity to be in communion with one another from North to South, East to West.

Recently the Congregation had a Mid-Chapter meeting on zoom, where the focus was on what had been life giving about the Chapter Calls and what we had found challenging about our Congregational Strategic Resource Plan. The fruits of these days will be shared in the Congregational Leadership’s Triennial Report.

The works or ministries of the sisters of the Congregation fall into the following main areas:

♦ Worship, prayer and spirituality

The ‘religious’ life of the sisters is not an end in itself – it is the foundation and source of the Ministries that are undertaken by the sisters.

Members of the Congregation are given the opportunity for private worship and to continue to develop their knowledge and trust in Jesus and the Church through quiet prayer, study of the Gospel and spiritual development. In addition, members of the Congregation celebrate and pray with the wider community including people of all faiths and none. They do this through the provision of spiritual guidance, by presence and accompaniment, by availability, by listening in times of need.

Sisters are involved in the giving of retreats (times when individuals seek time away or ‘time out’ from the normal demands of life) and the celebration of the Liturgy through prayer groups and church services. Some members of the Congregation write and/ or edit books and publish their work in the area of spirituality, religious education, catechesis, ecology and interfaith.

Sister Magdalen Lawler works with groups and individuals mainly through Zoom, sometimes person to person, her health permitting. Her work includes retreats sponsored by retreat centres in N. Ireland, Wales, Yorkshire and London as well as days of quiet reflection around Britain.

Sister Magdalen is also the author of six books on the subject of Art and Spirituality. She has reviewed and republished Pathways to God’s Goodness, The Spirituality of Julie Billiart, originally published in 2001, and the publication is

now being used in schools and retreat centres around the country.

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Mission (continued)

Her most recent publication is Well of Living Water, published by Messenger in 2020 and re-printed by The Way Publications in 2024. It is an in-depth study of a Grecian icon, with nine chapters exploring the depth of Jesus’ message to the woman of Samaria, known in the east as Photine/ Light bearer.

Sister Isabel continues to work in the area of interreligious dialogue. She writes:

“Its main focus is with the Council of Christians and Jews (CCJ). I am secretary to the West of Scotland branch of this Council and support two of their projects. One is an educational project to develop an understanding of Jane Haining in schools in Scotland. Jane is the only natural born Scot to have died in Auschwitz and she did so because of her refusal to leave her post as matron of the Church of Scotland Jewish School in Budapest. She is recognised as One of the Righteous by the Holocaust Museum, Yad Vashem, in Israel. The project focuses on the need for solidarity, harmony and understanding between people of different faiths and traditions.

The second project is a garden project run by St Clare’s Catholic Primary School and Calderwood Lodge Jewish School. The two Catholic and Jewish schools share a campus, possibly the only one in the world and certainly in Europe as far as we know. The project was begun after Sister Isabel had been awarded a prize by CCJ UK for her work in developing good interfaith relations. It is an opportunity to bring children and parents from both schools together to work on a common garden. Both schools have Muslim pupils and the shared garden is another attempt to show that interfaith harmony is possible in a world torn apart by divisions.

I also work with my parish, particularly in bringing together people from the different places of worship in the west end of Glasgow. I am also a trustee and secretary to a Church of Scotland homelessness centre in the east end of Glasgow and continue to write a regular blog called interfaith journeys”.

Sister Kathleen McGhee continues with her ministry: “The focus of my ministry is Pastoral Accompaniment. I accompany priests, deacons, religious sisters and lay people. It plays a supportive role in the lives of these women and men who are, in the main, holding responsible and often demanding roles in the Church. This accompaniment is also part of the initial and ongoing formation of deacons in the Liverpool Archdiocese. In addition, I accompany an apostolic group of religious women on a regular basis"

Sister Denise Dunn continues with her ministry in Cumbernauld supporting the life of her parish. This involves being a reader, offering liturgical services, days of retreat and participating in parish events. She also supports some individuals by visiting, being a driver and lastly spiritual accompaniment.

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Mission (continued)

The Congregation’s work of education continues through the involvement of members in teaching, educational support and administration in educational establishments. They also work with children and adults with learning disabilities, people with special needs, multiple impairments or both. Many sisters are actively engaged in religious education programmes and have pioneered programmes for families and those with special needs. Sisters who are now unable to be actively involved in this work continue to support schools, Hope University and other learning centres by attending special events and by their friendship, encouragement and prayer.

The Sisters of Notre Dame De Namur are trustees of three schools – Notre Dame Catholic Academy, Liverpool; St Julie’s High School, Liverpool; and Notre Dame RC Girls School, Southwark, London.

Sister Margaret Jenkins continues in her crucial supportive role with students in Notre Dame Catholic College, Liverpool. Her focus is with those who struggle in mainstream education. She provides opportunities for students to talk about their problems in a safe environment. Her office is a haven for those who cannot cope at lunchtime in the dining room. She works alongside pupils to help them complete difficult work projects and currently she has a particular care for pupils continuing to suffer from the longstanding impacts of Covid and the lockdown. Margaret works alongside the chaplain in extending a practical outreach to the families of students. She is a listening compassionate presence to students and staff alike.

Sister Denise Dunn is involved in sport for people with a learning disability. At present she works with coaches in providing weekly training for athletes within a multi sports’ club. These athletes compete in competitions around Scotland. The club is focused on training, but it also gives the athletes an opportunity to meet socially.

Over the years the governance of many secondary schools was passed from the sisters to local dioceses or local education authorities. Many have retained Notre Dame in their name. Close links continue to grow and be strengthened through the “Notre Dame Schools and Colleges Network” supported by Sister Catherine Darby:

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Mission (continued)

This year’s Annual Conference 2024 took place in Glasgow with Sister Margaret Walsh facilitating a session entitled,’ Learning to read Books.’

Sr Gail Taylor continues to teach on post-graduate diploma and Master courses in psychodynamic therapy and counselling with different training organisations. This supports trainees to develop their therapeutic skills and to work with people experiencing emotional distress. Gail also provides clinical supervision to both trainees and qualified therapists.

Some UK schools raise funds to support other Notre Dame schools in the Southern Hemisphere.

The trustees also support the Former head teacher of St Julie’s Catholic High School and the former Acting Head of Notre Dame Catholic College, Liverpool, who have replaced the Notre Dame sisters on the University Council.

The charity enables and supports individual members of the Congregation in ministry and outreach work thereby furthering the message set out in the Gospel to love one another. In order to provide direct service to the materially poor, and since most sisters are of retirement age, many sisters freely give their services in diverse ministries.

Some work for social justice, in adult literacy programmes, on safeguarding boards, in hospices, with the elderly, as hospital chaplains and as ward based volunteers, prison visitors, as well as with socially deprived women and children suffering from the stress of their situation. Others serve on a vast variety of groups in their neighbourhoods, parishes and dioceses. They are to be found in some of the poorest parishes in the land. Sisters are working with refugees and asylum seekers in Liverpool and Glasgow. Sisters with training and experience in a number of disciplines give service to individuals and groups as counsellors, psychologists, facilitators and assessors. Sr Mary Kavanagh acts as a Moderator for the Faith in Action Initiative for young people.

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Mission (continued)

In response to Laudato Si (Pope Francis Encyclical which deals with the crises in our environment), they also continue their own learning. They have also provided reflection days on the ‘cry of the earth’ In Edinburgh, Glasgow, Liverpool and the Southwest of England particularly in relation to the environment and the climate crisis. Our involvement in education of ourselves and others remains a strong impetus to witness to the Gospel imperative to care for creation.

Sister Mary Isabel Kilpatrick who has spent more than 20 years working in Peru and Nicaragua writes:

“At this stage of our lives (average age in our province is 84) our contribution to wider society is on a spiritual level. Our mission has to do with believing in goodness in people and in creation. The way I can do this now is by maintaining contact with a network of friends and former colleagues at home and abroad to encourage one another in our belief in the value of goodness in a world where this is not always the case. In relation to our mission to care for creation I try to find ways to maintain contact with the international network of people working to educate about climate justice and to do what is possible in small ways to reduce our carbon footprint.”

Sister Gail Taylor is a chartered psychologist and adult psychoanalyst. The intensive training in psychoanalysis, a talking therapy, becomes effective through the development of a professional trusting relationship between a person and their analyst. This makes it possible for someone to use the therapeutic relationship with the analyst to explore and work together on what is most troubling. Such insight can help bring change in behaviours and personality and in the severity of symptoms and thus enable people to more fully live their life.

Caring for Survivors of abuse

Sister Agnes Szraga gives support to groups and individual survivors of in-care childhood abuse. She does so through listening, advising on current related legislation and informing them of where to seek assistance.

Sister Elizabeth Brady has recently become a member of the Scottish Children’s Panel which makes important legal decisions for the children who attend – keeping their views at the heart of every legal hearing.

Social deprivation

Sister Maureen McGuigan works with a local credit union in a deprived area. She keeps in touch with families through offering telephone support, thus enabling people to access funding and avoid debt.

Sister Catherine Mulligan , as a member of the parish SVDP, visits vulnerable families and individuals. She helps decide on distribution of funds to the disadvantaged e.g. needy families in local schools.

As a member of her local Parish Council she assists in deliberations to promote the welfare of the parish community.

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Mission (continued)

Our Canon Lawyers

Sister Rachel Harrington , who lives in London and Sister Ishbel Macpherson , who lives in Glasgow, have doctorates in Canon Law. They remain two of the very few women who are fully qualified canonists.

Both Rachel and Ishbel fulfil the role of Judge in a number of diocesan and regional tribunals in England, Wales and Northern Ireland. Rachel serves on an Inter-Diocesan Tribunal which serves seven dioceses in Ireland. Much of their work can be done from home.

The British Province assists in the education and formation processes for our sisters in Africa and South America in a variety of ways. It helps support sisters working in the world’s poorest countries and with the most disadvantaged people – for example in Democratic Republic of Congo, Nigeria, Peru, Kenya, South Africa and Zimbabwe.

Two sisters from Britain still work in Nigeria giving service in healthcare and educational programmes, the promotion of justice and peace and the empowerment of the poor. Other sisters fundraise for overseas development work by making Birthday, Christmas and All Occasion cards, making jewellery and knitting blankets. Many sisters also keep in touch with the younger generation of sisters in other parts of the world letter-writing. This is found to be a valued means of sharing experience, and encouragement.

One of the duties of the Provincial Administration is to ensure that the archives are kept safely and that they are up to date.

The Sisters of Notre Dame were founded in the year 1804 and first came to England in 1845. The archives, therefore, cover the hundred years since the foundation of the British Province in 1920 and also include a large collection of documents relating to the life and work of the sisters who ministered in England and Scotland from 1845. The work of the archives has been entrusted to a team of sisters who receive and catalogue documents and respond to enquiries about the life and work of the sisters. These mainly come from research projects and family members.

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Activities, specific objectives and relevant policies

“Through our developing understanding of ‘Mission’ we search anew in each time and place for ways to spread the Gospel and to take our stand with the poor of the earth. According to our tradition we value education as fundamental” SND Constitutions.

Caring for members of the Congregation

As well as reaching out to the poor and needy, we care for the individual members of our Province by enabling and supporting them in living out their vocation and putting it into practice through a wide variety of educational, social, pastoral and religious works.

The Sisters of Notre Dame De Namur are committed to the care of their aged, sick and infirm sisters. In Britain all of the sisters are over 60 years of age; with one sister in her 100’s, twenty-two in their 90s; fifty-three in their 80s; seventeen in their 70s; and five in their 60s. The sisters aim to keep the elderly as active and independent as possible for as long as possible and provide care which enhances life. Facilities are provided in two communities to meet the differing needs of an ageing group.

It is of particular importance that a high standard of care is maintained. To ensure this the sisters employ lay managers who manage the staff, update their training and take responsibility for maintenance of the buildings. In this way, the sisters can be confident as employers that staffing legislation, health and safety requirements and general good practice are all in place. An extensive programme of staff training using external agencies has been provided over the past years. The training is largely continued and updated ‘in house’ with external support when required. There is also in place an on-going programme of staff training. We currently employ 104 members of staff.

Grants and donations policy

Whilst the trustees agree to support organisations whose work is within the objects of the charity, the charity does not regard itself as a grant making entity and applications for grants and donations are not invited.

Investment policy

Under the Trust Deed of the charity, the trustees may invest the charity’s money, according to the law for the time being in force. The stockbrokers J M Finn and Co Limited offer their advice after taking account of the charity’s ethical policy. The trustees, on the advice of the professional and lay advisers, review the policy annually. Catholic Social Teaching informs our investment policy. It also enhances the development of the charity and the achievement of its objectives. The requirements of the Charities Act, to seek out the best possible returns within acceptable levels of risk, are fulfilled. To achieve this we maintain a diversified investment portfolio.

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Activities, specific objectives and relevant policies (continued)

Fundraising policy

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data; it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.

Looking to the future

♦ Caring for members of the Congregation

In common with many religious congregations in Britain, the age profile of the members of the Province is increasing as existing members grow older and the number of new vocations decreases. At present the average age is 84.

The Province has an obligation, both moral and legal, to provide care for its members, none of whom have resources of their own and all of whom have devoted a significant part of their lives to the work of education of the poor and marginalised in society. As the age profile of the Province increases so too does the need to provide care for the sisters. At present 56 members of the Province are in need of varying levels of nursing care (2023 – 61). When hospitalisation is required, stays are kept to a minimum and sisters convalesce in one of the two large communities as they are able to give the care and support necessary.

Over the next decade, the trustees expect the proportion of sisters requiring care to continue to increase. As a consequence, the trustees are giving careful consideration to the impact of this on the work of individual members of the Province, the property requirements of the Province and the financial implications.

Achievements and performances

Whilst only 2 (2023 – 2) sisters are now in paid employment, the majority of able sisters perform some sort of voluntary, charitable or pastoral work

Of the 104 staff employed by the Sisters of Notre Dame, most have vocational qualifications ranging from BTEC to the Registered Manager qualification. Staff members are well trained to take on additional responsibility either within our houses or within the wider community.

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Achievements and performances (continued)

SPRED

The SPRED Religious Education program supported individuals with learning difficulties and volunteers during the year and the charity continues to expand and develop. There are groups serving parishes throughout Glasgow, Paisley and Motherwell where young people and adults with disability become full, active members of their parish community. The work was pioneered by two Sisters of Notre Dame and one continues to take an active part in this work.

Every year sisters organise a residential conference for Notre Dame schools and colleges at which staff from the three schools for which we are still trustees gather with staff from the seven former Notre Dame schools and colleges to share experience and practice. An appropriate speaker is invited to introduce the key theme at each conference. It is greatly welcomed as a valuable resource at a challenging time for schools.

Financial review

Results for the year

A summary of the year’s results can be found on page 27 of this report and accounts.

During 2024 total income amounted to £3,896,641 (2023: £4,550,561). £2,773,204 (2023: £3,762,992) was received by way of donations and legacies. This figure includes salaries and pensions of the sisters amounting to £2,674,515 (2023: £2,703,676) covenanted to the charity and legacy income of £84,840 (2023: £51,418). The 2023 figure includes £1,000,000 being the conversion, into a gift, of a loan advanced by the Generalate of the Congregation as explained in note 1 to the attached accounts. Investment income and interest receivable totalled £238,657 (2023: £239,069).

The surplus on the disposal of tangible fixed assets totalled £881,572 compared to £542,065 in 2023. Further details are given in note 3 to the attached accounts.

Expenditure totalled £4,187,040 compared to £4,239,411 in 2023 with staff costs, continuing to represent a significant proportion of this and amounting to £1,936,552 (2023: £1,731,236).

Expenditure incurred on maintaining the members of the Province and supporting them in their pastoral work and ministry (excluding staff costs) amounted to £2,172,300 (2023 £2,152,407).

Last year, specific expenditure in relation to potential property disposals included an impairment provision of £215,500 made to reduce the value of one of the charity’s properties as the market value of the property was considered to be less than its realisable value. Further details of the impairment are given in note 6 to the attached accounts. The property was sold during the year. £197,811 (2023: £220,922) has been expended on maintaining and securing the property while it was empty.

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Financial review (continued)

Results for the year (continued)

Expenditure on raising funds was £39,180 (2023: £39,294) and included fees paid to the charity’s stockbrokers of £24,474 (2023: £26,886).

Net expenditure for the year before investment gains, therefore, was £290,399 (2023: net income before investment losses of £311,150). Investment gains amounted to £374,829 (2023: losses of £312,913). Hence, there was a net increase in funds for the year of £84,430 (2023: a decrease of £1,763).

Investment performance

The stockbrokers continue to be guided by the trustees’ investment policy set out earlier in this report and comply with the ethical guidelines given to them.

During the year the value of the portfolio increased but fell slightly short of the target of 10% growth. The income rate of return was also slightly short of the target of 3%. The trustees consider this reasonable at the current time and that the investment performance is in line with our benchmarks. Because of the relatively modest size of the portfolio, any variation away from that target has only a marginal effect on the viability of the charity. The charity’s brokers are instructed to conduct the portfolio in a medium risk manner.

The trustees will continue to review performance but, given that they view their investments as being for the long term, they remain confident that the policy adopted is appropriate for the charity.

Reserves policy and financial position

Reserves policy

The reader will discern from the foregoing that the charity carries out a diverse range of activities and is responsible for care and support of sisters whose average age is increasing and whose needs are changing. The trustees recognise the need to provide adequately for the maintenance of the sisters in their retirement.

Total restricted funds held at the end of the year are £10,608 (2023: £12,465). With the exception of these small restricted funds, all of the charity’s assets are held as unrestricted funds.

Those unrestricted funds represented by tangible fixed assets are shown as a separate tangible fixed assets fund in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.

Similarly, those properties held as programme related investments are held within a separate designated.. It is the intention of the trustees that where such assets are held for charitable purposes rather than for their future economic benefits, such as the generation of rental income or disposal, then they should continue to be used for these purposes for as long as needed and as such their value should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.

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Financial review (continued)

Reserves policy and financial position (continued)

Reserves policy (continued)

The trustees have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charity’s work and its commitments and the sources of its cash flows, the level of free reserves should be equal to at least six months’ expenditure. The current level of reserves reaches this target.

The trustees endeavour to build on the rationalisation that has taken place over the last couple of years to improve liquidity and build sufficient reserves to sustain the care of the elderly sisters to the end of their lives in the face of diminishing incomes and increasingly costly care needs.

The trustees have established a sisters’ retirement fund to provide for the future costs of providing nursing care to elderly sisters who have dedicated their working lives to the charity. The amount currently designated is restricted to the funds available to the charity. No further sums were allocated during the year but further sums will be designated as they become available.

The trustees review their reserves policy annually.

Financial position

The balance sheet shows total reserves of £24.3 million (2023: £24.2 million). Of this, £15.0 million (2023: £17.1 million) is represented by the net book value of properties and other tangible fixed assets essential for the support and work of the sisters whilst £ 1 million (2023: £1 million) comprises funds represented by properties classified as programme related investments, net of their associated provisions.

The sisters’ retirement fund amounts to £4.75 million (2023: £4.75 million), and is represented by investments and net current assets. In the context of the total sum that will be needed in future years to provide for the sisters as they grow older, this amount is not large enough. However, it is hoped that further sums can be designated in future years as they become available following property disposals.

Funds available to support the work of the sisters in the future, in particular the support of the Province’s ministry and its development and charitable work overseas, are shown as general funds on the balance sheet and amount to £3.6 million (2023: £1.4 million). This figure needs to be considered in the light of annual expenditure of approximately £4 million, the increasing age profile of the sisters and the need for the charity to continue to support the work of the Congregation, both in this country and overseas. The sisters are also aware of the importance to the charity of the investment assets and the income generated therefrom. Given the continuing economic uncertainty, there is a real need to retain monies to enable the long term financial stability of the charity. As noted above, the trustees believe that the charity’s free reserves are adequate, at the current time. As noted elsewhere in the trustees’ report the trustees are developing plans to dispose of properties surplus to their needs to generate funds to meet the charity’s ongoing financial needs.

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Tax exemptions etc.

The beneficiaries of the work of the charity have the assurance that all of the income of the charity must be applied for charitable purposes in furtherance of the charity’s object of furthering the Roman Catholic faith. The charity enjoys tax exemption on income from its activities and on its investment income and gains provided these are applied for its charitable aims. As a charity, it is also entitled to a reduction of 80% on business rates on the property it occupies for its charitable purposes, and a 50% reduction in Council Tax for its properties that are occupied by members of the Congregation. The financial benefits received as a result of these exemptions are all applied for the purposes of furthering the Roman Catholic faith by enabling and supporting the sisters to live out their vocation and to put it into practice through a wide variety of religious and other charitable works.

The nature of the charity’s activities means that it is unable to reclaim VAT input tax on its costs as it is exempt for VAT purposes. The charity also pays tax as an employer through the national insurance contributions it makes.

Future plans

The charity is working with the Congregation to update its strategy to continue the mission of the Sisters of Notre Dame de Namur in all of the global areas in which it operates whilst balancing this against the need to care for the increasingly elderly sisters who have sustained this mission in years gone by. The strategy will determine where resources are targeted. The sisters are working to maximise those resources by seeking to obtain the optimum efficiencies in their operational costs and care provision. The trustees continue to review the use of their assets in the light of future needs.

Governance, structure and management

Governance

In terms of Canon law, the Congregation is governed at an international level by the General Moderator and her Congregational Leadership Team. They are elected every six years at a General Chapter which is a meeting of representatives of all provinces of the Congregation. The British Province is governed by the Provincial Moderator and her Provincial Leadership Team, who are elected by members of the Province in accordance with the Province’s Government Plan. Appointments to the Provincial Leadership Team are ratified canonically by the Congregational Leadership Team.

The Congregational Leadership Team is accountable to the General Chapter which is the Supreme Legislative Authority in the Congregation. The most recent General Chapter took place in 2021.

In terms of Civil law, the British Province of the Congregation is an unincorporated body registered under the Charities Act, Charity Registration Number 232411, and governed by a Trust Deed dated 31 December 1953. The charity is also registered in Scotland with the Charity Registration Number SC038746.

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Governance, structure and management (continued)

Governance (continued)

The members of the Provincial Leadership Team as well as Sr Margaret Walsh, are also the trustees and the directors of the corporate trustee, The Notre Dame Trustee Co Limited, which is registered as a trust corporation.

The members of the Provincial Leadership Team are chosen for their personal qualities, their understanding and experience of the ministries of the sisters throughout Britain and their ability to work with and lead the sisters of the Province.

As all trustees are members of the Congregation they have a detailed knowledge of the work of the charity and of its structure. On being appointed, new trustees are required to spend at least one full day with those trustees leaving office. They also meet with the Congregation’s legal, accounting, investment and property advisers to obtain a full briefing of their responsibilities and the charity’s position.

All trustees are members of the Congregation and as such their living and personal costs are borne by the charity. However, they receive no remuneration or expenses for their services as trustees.

The present trustees were appointed or reappointed in August 2024. On appointment as trustees, the sisters participate in a detailed induction programme which is devised as part of the handover process and involves lay managers, consultants and professional advisers so as to explain their duties as trustees.

Trustees are encouraged to attend various relevant training sessions where appropriate such as: Conference of Religious conferences; safeguarding conferences; finance workshops; spiritual and theological development courses; and ICT training.

The names of the trustees who served during the year are set out as part of the reference and administrative details on page 1 of this annual report and accounts and brief biographical details on each of the trustees in office is given below:

Sister Gail Taylor

Sister Gail Taylor was appointed as a trustee in August 2024. She has worked in secondary education including with vulnerable adolescents in the care system. After teaching Gail trained in psychology, qualifying as an educational psychologist working both in local authority in London and for several years at the Notre Dame Clinic, Glasgow, where she was clinical manager. The Notre Dame Clinic worked therapeutically with the most vulnerable families, continuing the work of Sr Marie Hilda who established the clinic in 1931.

Furthering her therapeutic training she trained as an adult psychoanalytic psychotherapist and then as an adult psychoanalyst. She has been involved in the training of psychoanalytic psychotherapists and other training courses. She also serves as a trustee in two charities who support the advancement of psychoanalytic thinking in Scotland.

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Trustees’ report 31 August 2024

Governance, structure and management (continued)

Governance (continued)

Sister Catherine Darby

Sister Catherine Darby was reappointed as a trustee and appointed as Provincial Moderator in August 2024. She has served on three previous teams from 2021 to 2024, 1999 to 2004 and from 2004 to 2009. Catherine’s professional background is in education: her experience ranges from teaching in primary schools in Lancashire and London, ten years as adviser for primary schools in the Shrewsbury Diocese and her most recent ministry is in parish and adult faith formation. This latter ministry led to her being one of the two UK coordinators to initiate and liaise with the Institute of Pastoral Studies, Loyola University, Chicago and the northern dioceses a Certificate in Pastoral Ministry. She was also a collaborator in establishing an interdiocesan certificate for a Diploma for Pastoral Leadership in Pastoral Ministry. Catherine was asked to be a member of the group setting up a pilot project for the formation of lay pastoral associates in the Liverpool Archdiocese.

Sister Margaret Walsh

Sister Margaret Walsh was reappointed as a Trustee in August 2024. She served on the previous leadership team from 2021 to 2024.She has worked in both secondary and higher education. After teaching in secondary schools she moved into an advisory service for adult theological education. As an advisor she worked with teachers, clergy and laypeople. Later she was appointed to be the director of an ecumenical college where she taught degree courses for Manchester University to students who were preparing for ministry in the various Christian denominations. This work included working with leaders in the local Muslim community. After retiring from full-time teaching she served as chair of governors at St Julie’s Catholic High School, Liverpool. She also worked with the Sisters of Notre Dame as coordinator of their International Heritage Centre in Namur, Belgium.

Sister Elizabeth Brady

Sister Elizabeth Brady was reappointed as a trustee in August 2024. She served on two previous teams from15 August 2014 to 15 August 2021, and subsequently appointed to the last tam on 10 March 2022. She has worked in the field of primary education in both Scotland and England. She worked for 12 years in Liverpool first as Deputy Head Teacher and then Head Teacher for nine years in Saint Matthew’s Junior School. She then returned to Scotland and was Head Teacher in St Michael’s Primary School, West Dunbartonshire for 13 years. After qualifying as a play therapist she spent three years at the Notre Dame Centre in Glasgow. More recently she has worked as a panel member with Children’s Hearings Scotland.

Key management personnel

The trustees consider that they are the key management personnel of the charity responsible for directing and controlling the charity and running and operating the charity on a day to day basis. In this, they are advised and supported by the Business Manager and the Finance Manager who implement the trustees’ decisions, as outlined below.

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Trustees’ report 31 August 2024

Governance, structure and management (continued)

Key management personnel (continued)

The pay of the Business Manager and the Finance Manager is reviewed annually by the trustees and normally increased in line with inflation. Consideration is given also to any changes in roles or responsibilities and pay is benchmarked against similar roles to ensure that it is in line with market rates and is fair.

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly to review developments with regard to the charity or its activities and make any important decisions. They are assisted in this task by the Business Manager and the Finance Manager who deal with finance, resources and secretarial matters. The lay managers provide a link between successive Provincial Leadership Teams but possess no executive authority. They, together with external advisers, advise the trustees as to their legal and fiscal responsibilities and duties and provide training in these matters.

When necessary, the trustees seek advice and support from the charity’s professional advisers including property consultants, investment brokers, solicitors and accountants.

The Provincial Moderator or a member of the Provincial Team is required to visit each sister regularly and throughout the year there is a system of accountability operational throughout the Province to ensure that the General Moderator and her Congregational Leadership Team are aware of the progress and development of the ministries carried out by the sisters of the Province. A visit by the General Moderator and Congregational Leadership Team is usually made to the British Province at least once every six years, but due to Covid this pattern has been disrupted. The most recent visit took place in September and October 2016 and it is expected that the next formal visit will take place within the next four years.

The sisters are housed in a variety of communities and residences throughout Britain. Currently these are: two large communities with care provision; two communities of two sisters; and 37 residences of individual sisters.

The two large communities are administered by local Moderators and they are assisted in this task by lay managers. In view of the age profile of our sisters we are exploring other models of pastoral care and management for the future.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales and in Scotland requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that year.

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Trustees’ report 31 August 2024

Governance, structure and management (continued)

Statement of trustees’ responsibilities (continued)

In preparing accounts giving a true and fair view, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Risk management

In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the Congregation faces and have reviewed the measures already in place, or needing to be put in place, to deal with them.

Trustees and senior management are responsible for overseeing the risk assessment each year, focusing on internal and external risk factors.

The five areas identified for particular attention within our risk management strategy are:

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Trustees’ report 31 August 2024

Governance, structure and management (continued)

Risk management (continued)

Governance and management looks at the risk of the Congregation, and hence the charity, suffering from a lack of direction, at the skills and training of its members and staff, and the good use of its resources. The main risk in this area is the diminishing numbers of sisters. The trustees are working with the rest of the Congregation on a strategy for the future that addresses this reality practically and financially.

Operational looks at the risks inherent in the charity’s activities. These include:

Challenges remain in making sure there are sufficient staff to give the care that is needed as the age profile of the sisters increases. As ever the trustees are grateful for the loyalty and professionalism of our colleagues who have worked incredibly hard in difficult circumstances. Measures are in place to protect out most vulnerable sisters in the event of energy shortages.

Financial risks include those arising as a result of poor budgetary control, inappropriate spending, poor accounting, inappropriate investment policies, etc. The main source of income of the charity is donations of sisters’ pensions and salaries which have not been affected by the current crisis. There have been increases in costs, with wage pressure linked to staff shortages continuing to be a particular issue. The main concern is the macroeconomic and geopolitical climate and the impact on the property market in particular. The charity is dependent on property sales to support future activities.

With the Congregation we are involved in a strategic review to ensure our financial viability in the future and, as outlined in the accounts, they have provided funds to facilitate this.

The charity’s assets comprise listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed with the help of reputable stockbrokers adhering to a policy agreed by the trustees. The trustees meet regularly with the stockbrokers and the performance of the portfolio is monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the charity’s needs – both now and in the future.

We maintain communications with our investment managers and, whilst there are concerns over stability, we are long term investors, and trust we will continue to benefit from the portfolio in future.

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Trustees’ report 31 August 2024

Governance, structure and management (continued)

Risk management (continued)

Reputational looks at possible damage to the Congregation’s, and hence the charity’s, reputation.

The charity is working with the Conferences of Religious in England and Scotland to support their work on safeguarding issues and to ensure that the charity can fully co-operate in any enquiry, should it be required to. The care of the sisters is undertaken with reference to the charity’s Child Protection and Vulnerable Adults policy under the guidance of the Province Protection Officers who are responsible for guiding, reporting and ensuring that the best practice in the care of all of the sisters is adhered to at all times.

Laws, regulations, external and environment looks at the effects of government policies, the consequences of non-compliance with laws and regulations and poor risk assessment in the charity’s care facilities and elsewhere.

Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

Employees and members of the Congregation

The trustees wish to record their recognition of the professionalism and commitment of all their staff and the individual members of the Congregation. Their dedication and positive approach are very much appreciated.

Approved by the trustees and signed on their behalf by:

Trustee

Approved by the trustees on:

Institute of the Sisters of Notre Dame De Namur British Province 21

Independent auditor’s report Year to 31 August 2024

Independent auditor’s report to the trustees of The Sisters of Notre Dame De Namur

Opinion

We have audited the accounts of The Sisters of Notre Dame De Namur (the ‘charity’) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Independent auditor’s report Year to 31 August 2024

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Institute of the Sisters of Notre Dame De Namur British Province 23

Independent auditor’s report Year to 31 August 2024

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with those Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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Independent auditor’s report Year to 31 August 2024

Auditor’s responsibilities for the audit of the accounts (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Independent auditor’s report Year to 31 August 2024

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP 29 August 2025 Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Institute of the Sisters of Notre Dame De Namur British Province 26

Statement of financial activities Year to 31 August 2024

Notes Total funds Total funds
2024
£		 2023
(restated)
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Charitable activities
. Book royalties
. Other
Other sources
. Surplus on disposal of tangible fixed assets
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
. Support of members of the Congregation and their ministry
5
. Specific expenditure in relation to potential property disposals
6
. Programme related investments
7
. Grants and donations
8
Total expenditure
Net (expenditure) income before investment gain
Net profit (losses) on the revaluation and disposal of listed investments
15
Net income (expenditure) and net movement in funds
Reconciliation of funds:
Fund balances brought forward at 1 September 2023
Fund balances carried forward at 31 August 2024
2,773,204

238,657
3,165
43
881,572		 3,762,992
239,069
149
6,286
542,065
3,896,641 4,550,561
39,180
3,878,726
197,811
61,606
9,717		 39,294
3,674,790
436,422
81,170
7,735
4,187,040 4,239,411
(290,399)
374,829		 311,150
(312,913)
84,430 (1,763)
24,237,798 24,239,561
24,322,228 24,237,798

All recognised gains and losses are included in the above statement of financial activities.

All of the charity’s activities derived from continuing operations during the above two financial periods.

With the exception of the following amounts, all income and expenditure for the above two financial periods related to the unrestricted funds:

2024
£		 2023
£
Restricted income
Donations and legacies
Restricted expenditure		 12,756
14,613		 9,011
6,029

All fund balances were unrestricted at the year end with the exception of £10,608 (2023 – £12,465) as disclosed in note 16 to the accounts.

Institute of the Sisters of Notre Dame De Namur British Province 27

Balance sheet 31 August 2024

Notes 2024
£		 2024
£		 2023
£		 2023
(restated)
£
Fixed assets
Tangible assets
14
Investments
. Listed investments
15
. Programme related investments
16
Current assets
Debtors
17
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
18
Net current assets
Total assets less current liabilities
Provisions
19
Total net assets
The funds of the charity:
Funds and reserves
Restricted funds
20
Unrestricted funds
. Tangible fixed assets fund
21
. Programme related investment fund
22
. Designated funds
23
. General fund		 132,020
4,209,879		 14,957,687
4,693,607
2,643,674		 396,088
2,217,242		 17,090,164
4,341,738
2,643,674
22,294,968
3,670,934		 24,075,576
1,805,896
4,341,899
(670,965)		 2,613,330
(807,434)
14,957,687
1,000,000
4,750,000
3,603,933		 17,090,164
1,000,000
4,750,000
1,385,169
25,965,902
(1,643,674)		 25,881,472
(1,643,674)
24,322,228 24,237,798
10,608
24,311,620		 12,465
24,225,333
24,322,228 24,237,798

Approved by the trustees and signed on their behalf by:

Trustee

Approved on:

Institute of the Sisters of Notre Dame De Namur British Province 28

Statement of cash flows Year to 31 August 2024

Notes
2024
£		 2023
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income and interest received
Proceeds from the disposal of tangible fixed assets
Purchase of tangible fixed assets

Payments in respect of forthcoming property disposals
Proceeds from the disposal of listed investments
Purchase of listed investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 September 2023
B
Cash and cash equivalents at 31 August 2024
B

(957,088)		 (892,195)

228,771
4,045,059
(1,290,507)
(56,559)
146,242
**(126,433) **		 231,985
1,482,970
(1,311,507)

(59,246)
1,343,509
(321,150)
2,946,573 1,366,561

1,989,485


2,223,760
 474,366
1,749,394

4,213,245		 2,223,760

Notes to the statement of cash flows for the year to 31 August 2024

A Reconciliation of net movement in funds to net cash used in operating activities

2024
£		 2023
(restated)
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation
Impairment of tangible fixed assets
(Gains) losses on investments
Non-cash movement – conversion of loan to a donation (note 1)
Investment income and interest receivable
Surplus on disposal of tangible fixed assets
Decrease in debtors
Decrease in creditors
Net cash used in operating activities		 84,430
259,497
—
(374,829)
—
(238,657)
(881,572)
330,513
(136,470)		 (1,763)
235,479
215,500
312,913
(1,000,000)
(239,069)
(542,065)
136,148
(9,338)
**(957,088) ** (892,195)

B Analysis of changes in net debt

Analysis of changes in net debt
At 1
September
2023
£		 Cash
flows
£		 Non-cash
movements
£		 At 31
August
2024
£
Cash at bank and in hand
Cash held by stockbrokers for re-investment
Totals		 2,217,242
6,518		 1,992,637
(3,152)		 —
—		 4,209,879
3,366
2,223,760 1,989,485 — 4,213,245

Institute of the Sisters of Notre Dame De Namur British Province 29

Statement of cash flows Year to 31 August 2024

C Reconciliation of net cash flow to movement in net debt

Reconciliation of net cash flow to movement in net debt
2024
£		 2023
£
Increase in cash
Changes in net debt arising from non-cash flows
Movement in net debt in year
Net cash (debt) at 1 September 2023
Net cash(debt) at 31 August 2024		 1,989,485
—		 474,366
1,000,000
1,989,485
2,223,760		 1,474,366
749,394
4,213,245 2,223,760

Institute of the Sisters of Notre Dame De Namur British Province 30

Principal accounting policies 31 August 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 August 2024 with comparative information given in respect to the year to 31 August 2023.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005 and applicable Charities Accounts (Scotland) Regulations.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The items in the accounts where such judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

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Principal accounting policies 31 August 2024

Assessment of going concern (continued)

The trustees recognise that current global uncertainty, difficulties in recruiting suitable staff, and increasing employment costs may lead to increases in expenditure and liquidity problems relating to the value of, or ability to sell, property. However, the trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 August 2025, the most significant areas that affect the carrying value of the assets held by the charity are the performance of the investment and property markets (see the investment policy and the risk management sections of the trustees’ report for more information).

The trustees have considered the impact of these issues on the charity and have concluded that although there may be some negative consequences, it is appropriate for the charity to continue to prepare its accounts on the going concern basis.

Prior period adjustments

The opening fund balances and comparative position has been restated. A reconciliation to the balances as stated in these financial statements to the figures previously reported is presented in note 31.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount can be measured reliably, and it is probable that the income will be received.

Income comprises donations and legacies; investment income from listed investments and programme related investments; interest receivable; income from charitable activities; the surplus on disposal of tangible fixed assets and miscellaneous income.

Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

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Principal accounting policies 31 August 2024

Income recognition (continued)

Income from listed investments is recognised once the dividend has been declared and notification has been received of the dividend due. Income from programme related investments comprises rental income from properties used by voluntary aided schools and other registered charities for purposes consistent with the objects of the Institute of the Sisters of Notre Dame De Namur British Province, and is recognised when due under the lease arrangements with the entities. Income from all investments is accounted for only when the receipt of such income is probable, and the amount can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Income from charitable activities comprises income in respect to book royalties; income from the sale of calendars and other sundry income. Income in respect to book royalties is recognised on an accruals basis.

A surplus on the disposal of tangible fixed assets or on the disposal of programme related investments is defined as the difference between the sale proceeds and the net book value of the asset at the time of disposal, after deducting any costs associated with the disposal. Where legal completion takes place subsequent to the year end but an exchange of contracts has taken place prior to the year end, any surplus on disposal is accounted for in the year of exchange unless completion was conditional on certain acts being carried out by the charity between the year end and completion.

Miscellaneous income is measured at fair value and accounted for on an accruals basis.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses are allocated to the applicable expenditure headings. The classification between activities is as follows:

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Principal accounting policies 31 August 2024

Expenditure recognition (continued)

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial procedures, provision of office services and equipment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. Governance costs are apportioned using percentages based on the proportion of time spent on the activities of the charity.

The majority of expenditure on support and governance is allocated to the charitable activities of care of members of the Congregation and enabling their ministry, with a small proportion allocated to expenditure on raising funds.

Tangible fixed assets

All items of furniture and equipment or groups of such assets costing more than £5,000 and with an expected useful life exceeding one year are capitalised. Computers are capitalised regardless of cost.

Freehold land and buildings acquired prior to 1 September 2014 are included in the accounts based on a valuation as at 31 August 2014. This valuation has been deemed to be cost under the transitional arrangements set out in FRS 102. Additions following that date are accounted for at cost.

Non-specialised buildings are those designed as, and used wholly or mainly for, private residential accommodation. Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, to confirm that their residual value is not materially less than their book value. When this is deemed to be the case, an impairment provision is made.

Institute of the Sisters of Notre Dame De Namur British Province 34

Principal accounting policies 31 August 2024

Tangible fixed assets (continued)

♦ Freehold land and buildings (continued) Specialised buildings comprise large residential convents. Depreciation is provided at 2% per annum on a straight-line basis in order to write off the buildings over their estimated useful economic life to the charity.

Expenditure on improvements to property is capitalised and depreciated over a 20 year period on a straight line basis.

Expenditure on the purchase and replacement of furniture and equipment is capitalised and depreciated over a three or fifteen year period on a straight line basis for computers and fixtures and fittings respectively.

Motor vehicles are capitalised and depreciated over a four-year period, on a straight line basis, in order to write off the cost of each vehicle over its estimated useful life.

An impairment review in respect to a particular class of asset is carried out if events, or changes in circumstances, indicate that the carrying amount of any tangible fixed asset may not be recoverable.

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Institute of the Sisters of Notre Dame De Namur British Province 35

Principal accounting policies 31 August 2024

Fixed asset investments (continued)

The land elements of these assets which could be separated and sold on the open market are held at their market value when there is both an intention to dispose of the land and a reliable estimate of its fair value can be made.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.

Contingent liabilities

A contingent liability arises from a past event that gives the charity a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the charity. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured reliably.

Contingent liabilities are not recognised in the balance sheet but are disclosed in the notes to the financial statements.

Fund accounting

The reserves are used to fulfil the charity’s missions. The reserves policy is set out in the trustees' report.

Institute of the Sisters of Notre Dame De Namur British Province 36

Principal accounting policies 31 August 2024

Fund accounting (continued)

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

The tangible fixed assets fund represents the net book value of those tangible fixed assets used for the support of the sisters and their ministry. A decision was made to separate this fund from the general fund in recognition of the fact that the assets are used in the day to day work of the charity, and the fund value would not be realisable easily if needed to meet future contingencies.

The programme related investments fund represents the value of the charity’s programme related investments, net of associated provisions. These investments comprise land and buildings owned by the charity but used by other charitable and not-for-profit organisations with objectives consistent with those of the charity. It is the intention of the trustees that such assets should continue to be used for these purposes and as such their value should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.

The designated funds are monies or other assets set aside out of general funds and designated for specific purposes by the trustees.

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees.

Pension costs

In order to comply with the auto-enrolment requirements introduced by the Pensions Act 2008, the charity offers its employees membership of a defined contribution pension scheme. Contributions to the scheme are debited to the statement of financial activities in the year in which they are payable to the scheme. The assets of the scheme are held independently of the charity.

Leased assets

Rentals payable under operating leases and interest under hire purchase arrangements are taken to the statement of financial activities on a straight line basis over the lease or hire purchase term.

Foreign currencies

Assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Services provided by members of the Congregation

For the purpose of these accounts, no monetary value has been placed on the care, administrative or other services provided by members of the Congregation.

Institute of the Sisters of Notre Dame De Namur British Province 37

Notes to the accounts 31 August 2024

1 Income from: Donations and legacies

Income from: Donations and legacies
2024
Total
£		 2023
Total
£
Salaries and pensions of individual religious received under Gift Aid or Deed of
Covenant
Legacies receivable
Loan from the Generalate of the Congregation converted to a donation (see below)
Other donations and gifts
Total funds		 2,674,515
84,840
—
13,849		 2,703,676
51,418
1,000,000
7,898
2,773,204 3,762,992

During the year ended 31 December 2023, a loan of £1 million advanced to the charity in prior years by the Generalate of the Congregation was forgiven and is therefore shown in the comparative figures as a donation.

2 Income from: Investments and interest receivable

Income from: Investments and interest receivable
Unrestricted funds
Total
2024
£		 Total
2023
£
Income from listed investments
. UK fixed interest
. UK equities
. UK unit trusts
. Overseas unit trusts
. Overseas equities
Interest earned on deposit accounts
Income from programme related investments
. Rental income
Total funds		 17,374
67,180
13,399
1,937
21,475		 13,588
72,929
15,084
6,184
26,919
121,365
55,686
61,606		 134,704
23,195
81,170
238,657 239,069

3 Income from: Other sources – Surplus on disposal of tangible fixed assets

The surplus on disposal of tangible fixed assets includes £871,731 arising from the disposal of land and buildings (2023: £542,065).

4 Expenditure on: Raising funds

Expenditure on: Raising funds
Unrestricted funds
Total
2024
£
Total
2023
£
24,475
26,886
14,705
12,408
39,180
39,294
Total
2024
£
Stockbrokers’ fees
Allocated support costs (note 9)
Total funds		 24,475
14,705		 26,886
12,408
39,180 39,294

Institute of the Sisters of Notre Dame De Namur British Province 38

Notes to the accounts 31 August 2024

5 Expenditure on: Support of members of the Congregation and their ministry

Un-
restricted
funds
£		 Restricted
funds
£		 Total
2024
£		 Un-
restricted
funds
£		 Restricted
funds
£		 Total
2023
£
Premises
Staff costs
Sisters’ living and personal
expenses
Education, training and
spiritual renewal
Depreciation
Management costs
. Direct costs
. Support costs
Total funds		 485,638
1,706,426
1,049,460
32,221
259,497
58,949
279,405		 476
—
409
6,143
—
102
—		 486,114
1,706,426
1,049,869
38,364
259,497
59,051
279,405		 436,547
1,522,383
1,161,728
12,104
235,479
69,551
235,571		 45
—
525
772
—
85
—		 436,592
1,522,383
1,162,253
12,876
235,479
69,636
235,571
3,871,596 7,130 3,878,726 3,673,363 1,427 3,674,790

6 Specific expenditure in relation to potential property disposals

Specific expenditure in relation to potential property disposals
Unrestricted funds
Total
2024
£		 Total
2023
£
Impairment provision
Costs of security and running of the property (including staff costs of £15,320 (2023-
£17,122)
Total funds		 —
197,811		 215,500
220,922
197,811 436,422

The contract for the sale of charity’s property at Parbold, Lancashire was due to be agreed at the end of July 2021 but the buyers withdrew their offer before exchange of contracts. Impairment provisions were made in prior periods following reassessments of the realisable value of the property. The property was re-marketed and was sold during the year ended 31 August 2024.

The charity continued to incur expenditure in relation to security and other costs of maintaining the property until the sale of the property during the year.

7 Expenditure on: Programme related investments

Unrestricted funds Unrestricted funds
Total
2024
£		 Total
2023
£
Rent
Total funds		 61,606 81,170
61,606 81,170

During the year, Notre Dame Catholic College was transferred to a multi academy trust. As part of that arrangement the charity became the owner of the freehold of the school (see note 16) and the existing 30 year lease was cancelled, resulting in the termination of rental costs to the local authority.

Institute of the Sisters of Notre Dame De Namur British Province 39

Notes to the accounts 31 August 2024

8 Expenditure on: Grants and donations

Expenditure on: Grants and donations
Total
2024
£		 Total
2023
£
Grants in support of the overseas missionary work and ministry of Institute of The Sister
of Notre Dame De Namur British Province
Other grants and donations
Total funds		 8,648
1,069		 7,135
600
9,717 7,735

All expenditure on grants and donations related to the unrestricted fund, with the exception of Grants in support of the overseas missionary work and ministry of Institute of The Sisters of Notre Dame De Namur British Province of £7,483 (2023: £4,602).

9 Support costs

Support costs
Raising
funds
(note 4)
£		 Support of
members
and their
ministry
(note 5)
£		 2024
Total
£		 Raising
funds
(note 4)
£		 Support of
members
and their
ministry
(note 5)
£		 2023
Total
£
Provincial administration
. Staff costs
. Office costs
Governance costs (note 10)		 10,740
2,866
1,099		 204,066
54,457
20,882		 214,806
57,323
21,981		 9,587
1,692
1,129		 182,144
32,151
21,456		 191,731
33,843
22,585
14,705 279,405 294,110 12,408 235,751 248,159

The charity allocates its support costs on a basis consistent with the use of resources.

10 Governance costs

Governance costs
Total
2024
£		 Total
2023
£
Professional fees 21,981 22,585

11 Net (expenditure) income before investment losses

This is stated after charging (crediting):

Total
2024
£		 Total
2023
£
Staff costs (note 12)
Auditor’s remuneration
. Statutory audit fee (including VAT) – current year
. Statutory audit fee (including VAT) – prior year
Depreciation
Operating lease charges
. Equipment		 1,936,552
22,200
(219)
259,497
3,234		 1,731,236
21,960
4,905
235,479
3,234

Institute of the Sisters of Notre Dame De Namur British Province 40

Notes to the accounts 31 August 2024

12 Staff costs, key management personnel and trustees’ remuneration

Staff costs during the year were as follows:

Staff costs during the year were as follows:
Total
2024
£		 Total
2023
£
Wages and salaries
Social security costs
Pension costs
Agency staff
Redundancy costs		 1,743,421
116,734
27,783		 1,522,436
105,529
25,564
1,887,938
48,614
—		 1,653,529
64,764
12,943
1,936,552 1,731,236

The average number of employees during the year expressed as both full time equivalent (FTE) and average numbers, analysed by function, was:

2024
**average **		 2023
average		 2024
FTE		 2023
FTE
Central administration and support
Support of members of the congregation
and their ministry		 5
95		 4
96		 4
58		 4
56
100 100 62 60

No employee earned £60,000 per annum or more (including taxable benefits) during the year (2023: £nil).

The trustees consider that they together with the Business Manager and the Finance Manager comprise the key management personnel of the charity in charge of directing and controlling, running and operating the material charitable activities on a day-to-day basis. The total remuneration (including taxable benefits and employer’s pensions contributions) of the Business Manager and the Finance Manager for the year was £117,526 (2023: £112,082).

As members of the Congregation, the trustees’ living and personal expenses during the year were borne by the charity, but they received no remuneration or reimbursement of expenses in connection with their duties as trustees during the year (2023: £nil).

13 Taxation

Institute of the Sisters of Notre Dame De Namur British Province is a registered charity and, therefore, is not liable to income tax or corporation tax on income on gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

Institute of the Sisters of Notre Dame De Namur British Province 41

Notes to the accounts 31 August 2024

14 Tangible fixed assets

Land and buildings
Non-
specialised
£
Specialised
£
8,490,110
11,685,006
923,938
—
(1,780,000)
(3,000,000)
7,634,048
8,685,006
2,019,048
185,006
5,615,000
8,500,000
7,634,048
8,685,006
328,168
3,171,761
—
173,700
—
(1,634,000)
328,168
1,711,461
7,305,880
6,973,545
8,161,942
8,513,245		 Land and buildings
Non-
specialised
£
Specialised
£
8,490,110
11,685,006
923,938
—
(1,780,000)
(3,000,000)
7,634,048
8,685,006
2,019,048
185,006
5,615,000
8,500,000
7,634,048
8,685,006
328,168
3,171,761
—
173,700
—
(1,634,000)
328,168
1,711,461
7,305,880
6,973,545
8,161,942
8,513,245		 Property
Improve-
ments
£		 Furniture
and
equipment
£		 Motor
vehicles
£		 Total
£
Non-
specialised
£
Cost or deemed cost
At 1 September 2023
Additions
Disposals
At 31 August 2024
At cost
At deemed cost
Depreciation and impairment
At 1 September 2023
Depreciation charge for the year
On disposals
At 31 August 2024
Net book values
At 31 August 2024
At 31 August 2023		 8,490,110
923,938
(1,780,000)		 11,685,006
—
(3,000,000)		 129,702
223,656
(12,452)		 399,731
24,652
(159,698)		 423,832
118,261
(86,104)		 21,128,381
1,290,507
(5,038,254)
7,634,048 8,685,006 340,906 264,685 455,989 17,380,634
2,019,048
5,615,000		 185,006
8,500,000		 340,906
—		 264,685
—		 455,989
—		 3,265,634
14,115,000
7,634,048 8,685,006 340,906 264,685 455,989 17,380,634
328,168
—
—		 3,171,761
173,700
(1,634,000)		 6,431
15,732
(467)		 239,088
17,820
(159,698)		 292,769
52,245
(80,602)		 4,038,217
259,497
(1,874,767)
328,168 1,711,461 21,696 97,210 264,412 2,422,947
7,305,880 6,973,545 319,210 167,475 191,577 14,957,687
8,161,942 8,513,245 123,271 160,643 131,063 17,090,164

As explained under principal accounting policies, freehold land and buildings are included in the accounts at a deemed cost based on their valuation as at 31 August 2014, with additions from 1 September 2014 accounted for at cost, less any provisions for impairment.

Many of the freehold land and buildings were acquired many years ago and precise figures for the historical cost of the properties are not available. However, it is known that the original purchase price on many of the properties was insignificant in today’s terms.

Impairment

An impairment provision is included within the accounts where there are indications that the net realisable value of a property is less than its net book value. Indications that may give rise to this conclusion include:

In such cases an impairment provision is included in order to reduce the net book value of the relevant property to equate to its actual or estimated net sale proceeds.

Institute of the Sisters of Notre Dame De Namur British Province 42

Notes to the accounts 31 August 2024

15 Listed investments

Listed investments
2024
£		 2023
£
Listed investments
Market value at 1 September 2023
Additions at cost
Disposals at book value (see below)
Net unrealised investment gains (losses)
Market value at 31 August 2024
Cash held by stockbrokers for re-investment
Cost of listed investments at 31 August 2024		 4,335,220
126,433
(148,299)
376,886		 5,670,492
321,150
(1,469,681)
(186,741)
4,690,240
3,367		 4,335,220
6,518
4,693,607 4,341,738
2,964,161 2,904,854

Disposals at book value included above are made up of the following:

2024
£		 2023
£
Proceeds
Realised losses		 146,242
2,057		 1,343,509
126,172
148,299 1,469,681

Listed investments held at 31 August 2024 comprised the following:

2024
£		 2023
£
UK fixed interest
UK equities
UK unit trusts
Overseas equities
Overseas unit trusts		 153,781
2,097,518
801,899
1,555,076
81,967		 144,993
1,915,503
761,042
1,431,424
82,258
4,690,241 4,335,220

All listed investments were dealt in on a recognised stock exchange.

16 Programme related investments

Programme related investments include certain properties not used directly by the charity but which are used by other charitable and not-for-profit organisations for purposes consistent with the charity’s objectives. The Sisters of Notre Dame support the development and operation of three voluntary aided schools. No formal rental agreements are in place.

Voluntary aided schools:
at 1 September 2023 and 31 August 2024		 2024
£		 2023
(restated)
£
2,643,674 2,643,674

Institute of the Sisters of Notre Dame De Namur British Province 43

Notes to the accounts 31 August 2024

16 Programme related investments (continued)

The trustees have considered the value of all three schools and consider that, other than as described below, no meaningful value can be attributed to them since they are not used directly by the charity, do not generate income and cannot be disposed of on the open market or put to alternative use while their occupation by the schools, which may be indefinite, continues.

The specific sites held relate to:

On 1 June 2024 the school became part of a Multi-Academy Trust. On that date, as part of the conversion, the lease was surrendered and Liverpool City Council transferred freehold ownership of the land and buildings to the charity. The school buildings are now occupied under a Church Supplemental Agreement and no rent is payable.

The site is included above at £nil value (2023 - £nil).

17 Debtors

Debtors
2024
£		 2023
£
Prepayments in respect to forthcoming property disposals
Other prepayments and accrued income
Legacies receivable
Miscellaneous debtors
Proceeds receivable in relation to property disposal		 56,559
37,131
2,000
36,330
—		 100,774
48,922
—
16,392
230,000
132,020 396,088

Institute of the Sisters of Notre Dame De Namur British Province 44

Notes to the accounts 31 August 2024

18 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£		 2023
£
507,916
190,317
50,000
32,512
26,689
807,434
Monies administered by the charity on behalf of individual members of
the Institute of the Sisters of Notre Dame De Namur British Province (see
below)
Expense and other creditors
Deposit received for sale of property
Accruals and deferred income
Taxes and social security costs		 475,612
138,418
—
29,071
27,864
670,965

Monies administered by the charity on behalf of individual members

The monies administered by the charity on behalf of individual members of the Institute represent funds introduced by sisters. As they are repayable on demand they are included as creditors repayable within one year. However, they would be repaid only if a sister were to leave the Congregation or be paid out in accordance with her Will should she die. If a sister were to leave the Congregation, this would require a certain amount of planning. On the death of a sister, her estate would take time to be administered and settled. In both situations, therefore, the charity would have time to prepare for sufficient liquid funds to be made available.

19 Provision

Provision
2024
£		 2023
(restated)
£
1,643,674
Provision for capital contribution for the buildingof St Julie’s Catholic High School
1,643,674

In 2016 the then trustees entered into an agreement with Liverpool City Council for the rebuilding of St Julie’s Catholic High School in Liverpool. This was to be funded by the Council with a capital contribution from the charity. The charity’s contribution is a proportion of the net proceeds of sale of part of the site which was earmarked, at the time of the agreement, as being suitable for disposal.

20 Restricted funds

The income funds of the charity include restricted funds comprising the following donations and grants held on trusts and to be applied for specific purposes:

At 1
September
2023
£
Income
£
Expenditure
£
At
31 August
2024
£
Sundryrestricted funds 12,465 12,756 (14,613) 10,608
At 1
September
2022
£
Income
£
Expenditure
£
At
31 August
2023
£
Sundry restricted funds 9,483 9,011 (6,029) 12,465

Institute of the Sisters of Notre Dame De Namur British Province 45

Notes to the accounts 31 August 2024

21 Tangible fixed assets fund

Tangible fixed assets fund
At 1 September 2023
Net movement in year
At 31 August 2024		 2024
£		 2023
£
17,090,164
(2,132,477)		 16,406,287
683,877
14,957,687 17,090,164

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. A decision was made to separate this fund from the general fund and other designated funds of the charity in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies and/or obligations.

22 Programme related investment fund

Programme related investment fund
2024
£		 2023
(restated)
£
At 31 August 1,000,000 1,000,000

The programme related investment fund represents the value of the charity’s programme related investments, net of any provisions related to such investments (note 19). As explained in note 16, such investments includes land and buildings owned by the charity but used by other charitable and not-for-profit organisations with objectives consistent with those of the charity. It is the intention of the trustees that such assets should continue to be used for these purposes for as long as needed and as such their value should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.

23 Designated funds

The income funds of the charity include the following designated fund which has been set aside out of unrestricted funds for a specific purpose.

aside out of unrestricted funds for a specific purpose.
Sisters’ retirement fund 2024
£		 2023
£
At 1 September 2023
Net movement in year
At 31 August 2024		 4,750,000
—		 4,750,000
—
4,750,000 4,750,000

The sisters’ retirement fund represents monies set aside by the charity’s trustees to provide for the future costs of providing nursing care to elderly sisters who have dedicated their working lives to the charity.

Institute of the Sisters of Notre Dame De Namur British Province 46

Notes to the accounts 31 August 2024

24 Analysis of net assets between funds

Fund balances at 31 August
2024 are represented by:		 General
fund
£		 Tangible
fixed
assets
fund
£		 Programme
related
investment
fund
£		 Sisters’
retirement
fund
£		 Restricted
funds
£
Total
2024
£
Tangible fixed assets
Listed investments
Programme related investments
Net current assets
Provision
Total net assets		 —
—
—
3,603,933
—		 14,957,687
—
—
—
—		 —
—
2,643,674
—
(1,643,674)
—

4,693,607

—
56,393		 —
—
—
10,608
**— **		 14,957,687
4,693,607

2,643,674

3,670,934
(1,643,674)
3,603,933 14,957,687 1,000,000 4,750,000 10,608 24,322,228
Fund balances at 31 August
2023 are represented by:		 General
fund
£		 Tangible
fixed assets
fund
£		 Programme
related
investment
fund
£		 Sisters’
retirement
fund
£		 Restricted
funds
£
Total
2023
(restated)
£
Tangible fixed assets
Listed investments
Programme related investments
Net current assets
Provision
Total net assets		 —
—
—
1,385,169
—		 17,090,164
—
—
—
—		 —
—
2,643,674
—
(1,643,674)
—

4,341,738

—

408,262

—		 —
—
—
12,465
—		 17,090,164
4,341,738
2,643,674
1,805,896
(1,643,674)
1,385,169 17,090,164 1,000,000
4,750,000		 12,465 24,237,798

The total unrealised gains on listed investments as at 31 August 2024 constitute movements on revaluation and are as follows:

on revaluation and are as follows:
2024
£		 2023
£
Unrealised gains included above:
On listed investments
Total unrealised gains at 31 August 2024
Reconciliation of movements in unrealised gains:
Unrealised gains at 1 September 2023
Less: In respect to disposals in year
Add: net gains (losses) arising on revaluation in the year
Total unrealisedgains at 31 August 2024		 1,726,079 1,430,366
1,726,079 1,430,366
1,430,366
(81,173)
376,886		 2,246,242
(629,135)
(186,741)
1,726,079 1,430,366

Institute of the Sisters of Notre Dame De Namur British Province 47

Notes to the accounts 31 August 2024

25 Contingent liabilities - Grants from the Department for Education

Historic improvements to the three voluntary aided schools classified as programme related investments (see note 16) were funded by capital grants from the Department for Education. The total grants received amounted to approximately £5.5 million.

In the event of the sale or disposal by other means, of any asset for which a capital grant was received, the charity is obliged, if it does not reinvest the proceeds, to repay to the Secretary of State for Education the same proportion of the proceeds of the sale or disposal as equates with the proportion of the original cost met by the Secretary of State. The trustees, having assessed the likelihood of such a sale, do not consider the disposal of the schools and subsequent repayment probable since the agreement for the schools’ use of the properties is indefinite.

26 Custodian funds

At 31 August 2024 the charity was holding £8,864 (2023: £8,146) and £10,606 (2023: £10,622) on behalf of the Generalate of the Congregation of the Sisters of Notre Dame and the Nigerian Province of the Congregation respectively. The movement on the funds held by the charity comprised monies received of £165,112 (2023: £75,448) and monies paid of £164,411 (2023: £109,036). These funds are not included in the accounts of the charity.

27 Related party transactions

The Congregation of the Sisters of Notre Dame de Namur is made up of all the sisters worldwide, including those of the British Province. The Congregational Leadership Team, or Generalate, is elected by and is accountable to the Congregation. The General Moderator, assisted by the rest of the Generalate, has the authority and the responsibility for the overall governance of the Congregation.

In the year to 31 August 2020 the Generalate of the Congregation made a loan of £1 million to the British Province, this was converted into a donation during the year to 31 August 2023 (note 1).

The trustees own the share capital of The Notre Dame Trustee Company Limited, a company incorporated in England and Wales. The Notre Dame Trustee Company Limited is also a trustee of the charity. The company has trust corporation status. Its main object is to act in the role of custodian trustee for the charity and as nominee of the charity in the holding of any trust assets and to do all such other things as are incidental or conducive to this main object. The trustee company holds as nominee the property and investments of the charity. The trustee company is otherwise dormant.

As members of the Congregation, none of the trustees have resources of their own, as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by the trustees to the charity was £80,205 (2023: £72,888).

There are no other related party transactions requiring disclosure (2023: none).

Institute of the Sisters of Notre Dame De Namur British Province 48

Notes to the accounts 31 August 2024

28 Commitments under operating leases

At 31 August 2024, the charity had future commitments under non-cancellable operating leases as follows:

leases as follows:
Equipment
2024
£		 2023
£
Amounts due within one year
Amounts due between two and five years		 3,234
3,773		 3,234
6,467
7,007 9,701

29 Post balance sheet events

Programme related investments includes a plot of land adjacent to the school at Woolton in Liverpool. During the year ended 31 August 2024, heads of terms relating to its sale had been agreed. Following the year end a contract for sale, conditional on planning permission was accepted. The contractual sales price and anticipated payments to be made to Liverpool City Council are reflected in the values of the programme related investments and provisions as at 31 August 2024. It is hoped that the sale will take place during the year ending 31 August 2025.

30 Ultimate control

The charity, which is governed by a trust deed, was controlled throughout the period by the British Province of the Congregation of the Sisters of Notre Dame by virtue of the fact that the Provincial Moderator and the other members of the Provincial Team, are elected by the members of the Congregation. The Provincial Team are the trustees and the directors of the corporate trustee, The Notre Dame Trustee Company Limited. The Province does not hold any assets, incur liabilities or enter into any transactions in its own right. Assets and liabilities of the Province in Britain are vested in the trustees of the charity, who undertake all transactions entered into in the course of the Province’s charitable activities.

Institute of the Sisters of Notre Dame De Namur British Province 49

Notes to the accounts 31 August 2024

31 Prior period adjustments

A reconciliation of the opening fund balances at 1 September 2022 and 1 September 2023 and the net expenditure for the year ended 31 August 2023 with the amounts as previously reported is shown below.

reported is shown below.
Reconciliation of the charity’s funds: 2023
£		 2022
£
Total opening funds as previously stated
Restatements:
Adjustment in relation to programme related investments (note 16)(a)
Adjustment in relation to capital grants (notes 16 and 24)(b)
Adjustment in relation for costs related to a property disposal (note 18)(c)
Net impact of restatements
Total opening funds as restated		 25,301,820
(4,689,659)
5,269,311
(1,643,674)		 25,303,583
(4,689,659)
5,269,311
(1,643,674)
(1,064,022) (1,064,022)
24,237,798 24,239,561

There is no difference between the net movement in funds for the year ended 31 August 2023 as previously stated and the net movement in funds for the year ended 31 August 2023 as reported in the Statement of Financial Activities.

a.) Adjustment in relation to programme related investments

The trustees have reviewed the value of the schools comprising programme related investments and consider that no meaningful value can be attributed to them since they are not used directly by the charity, do not generate income and cannot be disposed of in the open market, or put to alternative use while their occupation by the schools, which may be indefinite, continues. They therefore consider that the value of the land and buildings they occupy for educational purposes to be £nil and have written down their value.

The site of St Julie’s School in Woolton includes land which is capable of being separately disposed of. Land which has the potential for development has previously been held at an estimate of it’s developable based on a historical estimate, but amalgamated with the value applied for educational purposes. The restatement made results in land only being valued to the extent that there is both an ability and intention to dispose of such land and such values can be reliably estimated. Such land has been valued to £2,643,674, being the value of the land net of estimated costs of sale as at the balance sheet date for each of the above periods. A contract for the sale of this land was entered in to after the year end (see note 29).

b.) Adjustment in relation to capital grants

Programme related investments were previously shown net of capital grants from the Department of Education totalling £5,269,311. The agreement for the use of the properties by the schools is indefinite and the trustees therefore do not expect the buildings to be sold, rendering the requirement to repay those grants improbable. The trustees have accordingly adjusted the accounts to show the grants as contingent liabilities.

Institute of the Sisters of Notre Dame De Namur British Province 50

Notes to the accounts 31 August 2024

31 Prior period adjustments (continued)

In 2016 the then trustees entered into an agreement with Liverpool City Council for the rebuilding of St Julie’s Catholic High School in Liverpool. It was agreed that the charity would contribute to the building costs, to be funded by a future sale of adjacent land. A provision of £1,643,674 has been made for this contribution.

These adjustments represent changes of accounting policy and therefore the accounting treatment has been applied retrospectively, resulting in a restatement of the comparative figures for the prior year. The fund balances brought forward at 1 September 2022 and 1 September 2023 have been adjusted to recognise the reduced value of the assets, the treatment of any liability of the grants as contingent, and the provision.

Institute of the Sisters of Notre Dame De Namur British Province 51